VanEck Vectors Steel
ALTAR
Score™
13.6% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
6.3x P/Sales
ratio
0.4x
P/BV
ratio
0.9x Div.
yield
8.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Steel Index Fund seeks investment results that correspond to the price and yield of the Amex Steel Index.

FUND BASICS
Category Global Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Oct 16, 2006
Assets (mns) $54
Currency USD
Expense ratio 56 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 26
Wgt avg mkt cap (mns) $14,059
Large cap (>$10bn) 29.7%
Mid cap ($2-10bn) 41.5%
Small cap (<$2bn) 11.9%
Developed mkts 70.2%
Emerging mkts 29.8%

TOP TEN HOLDINGS
RIO TINTO PLC-SPON ADR 10.6 %
VALE SA-SP ADR 10.5 %
TERNIUM SA-SPONSORED ADR 7.2 %
STERLITE INDUSTRIES INDI-ADR 5.8 %
ARCELORMITTAL SA ADR 5.4 %
NUCOR CORP 5.0 %
RELIANCE STEEL & ALUMINUM 5.0 %
GERDAU SA -SPON ADR 5.0 %
ALLEGHENY TECHNOLOGIES INC 5.0 %
TENARIS SA-ADR 4.8 %
Total 64.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 42.7 %
BRAZIL 19.2 %
LUXEMBOURG 17.4 %
BRITAIN 10.6 %
INDIA 5.8 %
SOUTH KOREA 4.3 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.0% -14.1% -0.8% -1.1% 0.7%

Market Correlations
versus... Beta R-squared
S&P500 1.20 34%
MSCI EAFE 1.14 26%
MSCI Emg. Mkts. 0.92 28%

Technical Indicators
Recent close $35.13
30d moving avg. $34.55
Annualized volatility 24.9%
Short interest (ETF) 3.5%
Short interest (Underlying) 4.9%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 10
Turnover 0.7%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $734

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the VanEck Vectors Steel ETF based on the alternatives' overlap in portfolio holdings with SLX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SLX Expense: 56 bp ALTAR Score™: 13.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SLX
Ticker Fund
Name
Overlap1
vs SLX
(%)
Expense
ratio
(bp)
Savings
vs SLX
(bp)
ALTAR
Score™
(%)
ALTAR
vs SLX
(%)
XME SPDR Metals & Mining ETF 37.7 35 21 2.7 -10.9
FXZ First Trust Materials Alphadex 14.6 64 -8 8.1 -5.5
FTRI First Trust ISE Global Natural Resources Income 10.2 70 -14 10.0 -3.6
ILF iShares S&P Latin America 40 9.7 48 8 6.6 -7.0
PYZ Invesco Dynamic Basic Materials Sector 9.5 60 -4 5.9 -7.7
PAVE Global X U.S. Infrastructure Development 9.0 47 9 5.8 -7.8
VALX Validea Market Legends 7.9 79 -23 8.1 -5.5
IFRA iShares U.S. Infrastructure 7.6 40 16 5.9 -7.7
QVAL ValueShares US Quantitative Value 7.5 49 7 10.8 -2.8
PICK iShares MSCI Global Select Metals & Mining 7.2 39 17 7.6 -6.0
JHMA John Hancock Multifactor Materials 7.1 40 16 7.5 -6.1
IYM iShares DJ US Basic Material 6.9 42 14 8.6 -5.0
PSCM Invesco S&P Small Cap Materials 6.5 29 27 9.8 -3.8
RFV Invesco S&P Midcap 400 Pure Value 6.4 35 21 9.9 -3.7
VRAI Virtus Real Asset Income ETF 5.9 55 1 8.7 -4.9
CVY Invesco Multi-Asset Income 5.5 97 -41 9.4 -4.2
FMAT Fidelity MSCI Materials 5.4 8 48 8.6 -5.0
VAW Vanguard Materials 5.3 10 46 8.6 -5.0
SYLD Cambria Shareholder Yield 5.0 59 -3 9.0 -4.6

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
VanEck Vectors Steel
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.6 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 56 bp
Equals: ALTAR Score 13.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.71 CATEGORY
AVERAGE
1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.